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Credit union loan?

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  • 22-10-2012 8:34pm
    #1
    Kitty113
    Registered Users Posts: 34 ✭


    Hi, I need a small loan ASAP just of 100 and have well over that saved. What are my chances of getting that cash in hand tomorrow when I go to the credit union? The committee meet up every tue night for loans, but can't wait for their decision. Anyone know what the story is?
    Tagged:


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    #2
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    I assume you mean 1000?


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    #3
    Kitty113
    Registered Users Posts: 34 ✭Kitty113


    No 100 euro that's why I said small loan. But I really do need it tomorrow!!


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    #4
    Pimlico
    Registered Users Posts: 77 ✭✭Pimlico


    Most Credit Unions will issue a loan there and then if the Loan is within shares, however it is up to the discretion of each individual Credit Union.

    Edit: Or you could always just withdraw €100 from your shares if they insist on it going to the committee, I'd say there shouldn't be a problem getting it, if you have more than that in shares and no current loans or a current loan within shares.


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    #5
    cookie1977
    Registered Users Posts: 6,794 ✭✭✭cookie1977


    Why not just withdraw it from savings and put it back as soon as you can? Then you dont have to wait for loan decisions


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    #6
    Kitty113
    Registered Users Posts: 34 ✭Kitty113


    But if I take it out of my savings, how will that affect me in future if I need to get a loan out?


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    #7
    Aint Eazy Being Cheezy
    Registered Users Posts: 4,630 ✭✭✭Aint Eazy Being Cheezy


    I asked for a loan of €400 last week. (Drogheda CU) I had just over €500 in shares and never borrowed off them before. I was granted the loan on the spot.


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    #8
    Kitty113
    Registered Users Posts: 34 ✭Kitty113


    Yea I got it on the spot no bother thanks everyone!


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    #9
    molly3108
    Registered Users Posts: 2 ✭molly3108


    Hi everyone
    I'm looking for a loan of 5k
    I'm in full time employment
    I also live with my parents so I don't pay rent or anything
    I'll have 700 in savings
    Does anyone know my chances of getting the loan? Thanks :)


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    #10
    DAZP93
    Registered Users Posts: 345 ✭✭DAZP93


    molly3108 wrote: »
    Hi everyone
    I'm looking for a loan of 5k
    I'm in full time employment
    I also live with my parents so I don't pay rent or anything
    I'll have 700 in savings
    Does anyone know my chances of getting the loan? Thanks :)


    I was in your shoes last week and said I'd go for a loan of 3000. They came back to me and said the loan would have been approved apart from the fact I was only a member for 11 weeks (newbie). They advised me that I had to be a mamber for atleast 13 weeks. So I'm just going to resubmit my application next week and should be fine (fingers crossed)

    I was planning on paying back 200 a month so I guess that looked good.

    Best of luck..:-)


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    #11
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    molly3108 wrote: »
    Hi everyone
    I'm looking for a loan of 5k
    I'm in full time employment
    I also live with my parents so I don't pay rent or anything
    I'll have 700 in savings
    Does anyone know my chances of getting the loan? Thanks :)
    Probably not great.

    Credit Unions typically limit loans to three times the amount a member has managed to save.


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    #12
    molly3108
    Registered Users Posts: 2 ✭molly3108


    P. Breathnach wrote: »
    Probably not great.

    Credit Unions typically limit loans to three times the amount a member has managed to save.
    So if I saved 1600 would I get it then? Also if I'm buying a car privately do I need any proof? And do they just give me the money


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    #13
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    molly3108 wrote: »
    So if I saved 1600 would I get it then? Also if I'm buying a car privately do I need any proof? And do they just give me the money
    I can't say. If you have demonstrated the ability to put a reasonable amount aside on a regular basis, and if you have been a member for more than a few weeks, your chances should be good.

    It's probably worth your while talking to somebody in your CU about their current lending practices, and asking about your chances of getting a loan. They will know better than anybody here might.


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    #14
    squishykins
    Registered Users Posts: 2,338 ✭✭✭squishykins


    molly3108 wrote: »
    Hi everyone
    I'm looking for a loan of 5k
    I'm in full time employment
    I also live with my parents so I don't pay rent or anything
    I'll have 700 in savings
    Does anyone know my chances of getting the loan? Thanks :)

    If you have a good history of saving it stands to you, and also if one of your parents was willing to be a guarantor it shouldn't be a problem, once they have never had any problems with them.

    I got a loan in Sept of nearly €4000 for college. I had recklessly emptied the account over the course of 2 years of about €8000, but I saved €100 a week from April and had my mum as a guarantor and had no problem.

    They told me aswell that if you take out a series of small loans and pay them back early, it looks really good when you need a big one.


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